The Real Deal New York

De Blasio wants to help you buy a condo or fix up your crumbling house

Officials hope pair of programs reach 2,100 households over eight years
By Eddie Small | December 11, 2017 03:55PM

Mayor Bill de Blasio (Credit: Getty Images)

A pair of new programs from Mayor Bill de Blasio’s administration aims to make it easier for New Yorkers to buy homes or keep the homes they have in good condition.

One of the initiatives, dubbed “Open Door,” is a financing program that incentivizes the construction of condos and co-ops geared specifically toward first-time, middle-class homebuyers. The program aims to create about 200 affordable units per year.

The second initiative, dubbed “HomeFix,” focuses on helping low- and middle-income homeowners hold onto their properties by providing them with low-interest loans to pay for repairs. The loans will be available for one- to four-family properties, and the program will serve roughly 100 households each year.

City officials did not immediately respond to a question about how much money would be set aside for each initiative.

The city expects the programs to reach at least 2,100 families over the next eight years. They are part of de Blasio’s Housing New York 2.0 plan, which aims to finance 300,000 units of affordable housing by 2026. The city’s initial goal was to finance 200,000 units by 2024, but de Blasio upped the ante to 300,000 units by 2026.

Purchasing and owning a home has long been a difficult process in New York City, and it could become even more onerous if the Republican tax bill is signed into law.